ConMed (NSDQ:CNMD) yesterday priced a debt offering worth $300 million, saying it plans to use the proceeds to pay down some of its hedges and to cover the cost of an acquisition.
The Utica, N.Y.-based company said the offering, of 2.625% convertible senior notes due in 2024, also includes a 13-day option for another $45 million worth of notes. The offering is slated to close Jan. 29.
ConMed said it plans to put $17.9 million of the proceeds toward the cost of convertible note hedge transactions, with the balance going to finance its $365 million buyout of Buffalo filter.
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